Studies in the Puranic Records on Hindu Rites and Customs c8.4

c8.4

The decline of the craft guilds began in the sixteenth century, when the rise of the factory system and the growth of international trade made it difficult for the small, local guilds to compete with the larger and more efficient industrial organizations. The guilds were also weakened by the growth of the power of the state, which began to regulate trade and industry directly, and by the rise of the capitalist class, which sought to break the power of the guilds and to establish a system of free competition. By the end of the eighteenth century, the craft guilds had largely disappeared, but their influence lived on in the trade unions and other labor organizations of the modern world.